Today's Business Headlines

10/11/2008 - 06:35

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Mine employment caves in; WA gas demand to double; Uranium's still hot despite Rio's slowdown plans; Pressure on US to bail out car giants; Obama demands new rescue plan

Today's Business Headlines

Mine employment caves in
Australia's mining industry has frozen recruitment while it assesses the full impact of the global slowdown. The Australian

WA gas demand to double
Demand for natural gas in Western Australia will double in the next six years notwithstanding the collapse of resources projects, as the fallout from the global financial crisis continues. The Australian

Uranium's still hot despite Rio's slowdown plans
Rio Tinto is considering boosting output at its Rossing mine in Namibia by more than 60 per cent, making it the world's second-biggest uranium producer, in an indication that the radioactive substance has not been included in plans to delay expansion. The Australian

Pressure on US to bail out car giants
The Bush administration's $US700 billion bailout of the US banking sector could be broadened to include the country's ailing car manufacturing sector, which is bleeding cash as it struggles to deal with the worst industry downturn in 25 years. The West

Obama demands new rescue plan
President-elect Barack Obama has called for a massive stimulus package to revive the US economy, as unemployment rose to a 14-year high and fears about global growth were stoked by a warning from the World Bank that international trade may contract for the first time since 1982. The Fin Review

 

THE WEST AUSTRALIAN:

Page 10: The WA Nationals' program to spend more money in the regions may be expanded to include another fund to drive development in the North West if mining giant BHP Billiton's bid to take over rival Rio Tinto proceeds.

The state government, already facing widespread revolt over its demand for 3 per cent spending cuts across the public service, faces a battle to force Parliament to meet its efficiency drive, according to Legislative Council president Nick Griffiths.

Page 11: Nursing home residents face higher charges and face the prospect of having to pay bonds of more than $180,000 under proposals for a revamp of aged-care financing put to the federal government by Catholic nursing homes.

Page 18: The days of the investment boom driving the Australian economy are numbered, with a new report tipping a sudden fall in the number of big development projects.

Just months after the boom made scrap metals a rare commodity and a lucrative business, Perth scrap metal yards have closed or are on the brink of collapse.

Business: The Bush administration's $US700 billion bailout of the US banking sector could be broadened to include the country's ailing car manufacturing sector, which is bleeding cash as it struggles to deal with the worst industry downturn in 25 years.

World finance chiefs aimed to forge a consensus yesterday on boosting the role of emerging economic powers and crafting a new system to help a struggling global economy.

WA mining's man of the moment, George Jones, doubling as the Sundance Resources chairman, spent the tail end of last week with his managing director Don Lewis in Cameroon meeting dignitaries and trying to advance the Perth junior's Mbalam project.

The board of Britain's HBOS bank has rejected an attempt by two senior banking figures to replace its bosses and stop a takeover by rival Lloyds TSB.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: President-elect Barack Obama has called for a massive stimulus package to revive the US economy, as unemployment rose to a 14-year high and fears about global growth were stoked by a warning from the World Bank that international trade may contract for the first time since 1982.

Troubled investment bank Babcock & Brown has admitted it has had to tap undrawn credit lines to avoid breaching a key term of its loans and is frequently meeting its 25-member banking group to retain their support.

Page 3: Kevin Rudd has fallen victim to one of his own election promises as he tries to sell his $10.4 billion spending plan to revive the economy.

Page 5: The Australian economy would take a bigger hit from the global economic crisis than forecast just days ago, Treasurer Wayne Swan warned yesterday after a World Bank report pointed to a worsening outlook for developing nations.

Page 7: Opposition leader Malcolm Turnbull has accused the federal government of playing politics with the failure of ABC Learning Centres after Deputy Prime Minister Julia Gillard said yesterday that the coalition wanted struggling child-care centres to close.

Page 10: Unions have stepped up their campaign for the federal government to overhaul the controversial 457 temporary migrant visa scheme, taking out national advertisements urging Labor to give foreign workers greater rights under the scheme.

 

THE AUSTRALIAN:

Page 1: The Rudd will forge ahead with a multi-billion-dollar car industry assistance package today, amid fears of further job losses and a downturn in the market, but he will warn manufacturers not to expect a blank cheque.

Wayne Swan has warned world leaders that tax cuts alone are not enough to short-circuit the global financial crisis and urged them to follow Australia's lead with direct stimulus packages.

National broadband network hopeful Terria is negotiating a workplace agreement with the ACTU under which unions would be recognised if the consortium bids successfully for the project.

The Rudd Government and the Opposition continued to bicker yesterday over the use of $22 million of taxpayer funds to keep ABC Learning centres open until the end of the year.

Page 4: Motorists who receive subsidised petrol are the latest victims of the NSW Labor Government's cost-cutting measures as it struggles to rebuild state finances.

Business: Australia's mining industry has frozen recruitment while it assesses the full impact of the global slowdown.

Rio Tinto is considering boosting output at its Rossing mine in Namibia by more than 60 per cent, making it the world's second-biggest uranium producer, in an indication that the radioactive substance has not been included in plans to delay expansion.

The local share market may be in for a rough start this week with the Reserve Bank of Australia's November statement on monetary policy -- due out today -- tipped to reveal a 0.5 per cent downgrade in its forecast for economic growth in 2009.

The nearest you can get to committing lese majeste in the financial world is to question the actions of Warren Buffett, the Oracle of Omaha, but his new biography omits an important episode that involves Australia and has still not been resolved.

First , Flight Centre -- the country's biggest travel retailer -- took a hit from the financial meltdown when it said it would struggle to meet its target of 10-15 per cent growth in pre-tax profit this year.

Demand for natural gas in Western Australia will double in the next six years notwithstanding the collapse of resources projects, as the fallout from the global financial crisis continues.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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